The Effect of Communicating Ambiguous Risk Information on Choice
AbstractDecision makers are frequently confronted with ambiguous risk information about activities with potential hazards. This may be a result of conflicting risk estimates from multiple sources or ambiguous risk information from a single source. The paper considers processing ambiguous risk information and its effect on the behavior of a decision maker with a-maximin expected utility preferences. The effect of imprecise risk information on behavior is related to the content of information, the decision makerâ€™s trust in different sources of information, and his or her aversion to ambiguity.
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Bibliographic InfoArticle provided by Western Agricultural Economics Association in its journal Journal of Agricultural and Resource Economics.
Volume (Year): 36 (2011)
Issue (Month): 2 (August)
a-Maximin Expected Utility; aggregation of expert opinions; ambiguity; Knightian uncertainty; risk communication; trust in information source; Risk and Uncertainty;
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